14 DAY TRIAL // When delivering the judgement in a civil case against an alleged bank fraudster who stole more than $1.1 million from Westpac customers, a NSW Supreme Court judge concluded that he was likely assisted by one of the bank's employees.
Westpac Banking Corporation, one of Australia's biggest banks, filed a lawsuit against an alleged identity thief named Ersever Toksoz, also known as Gino Versace.
Toksoz apparently managed to pose as 27 of the bank's customers and passed all phone verification procedures, which involves answering security questiones.
He then changed the addresses and phone numbers associated with the the accounts to his own so that bank statements and credit cards would be delivered to him.
He also used similar techniques to change the phone banking passwords of his victims, which gave him direct access to their funds.
The series of frauds began in February 2005 and lasted until October 2007, during which Toksoz stole over $1.1 million. Westpac reimbursed all affected customers for their losses.
The Sydney Morning Herald reports that New South Wales Supreme Court judge Justice George Palmer ruled in favor of Westpac last week, ordering Toksoz to pay $868,655 plus interest back to the bank.
He also determined that $742,836 of the stolen money were deposited at the time of the theft in the name of Toksoz's wife, Gulay Toksoz.
"It follows that, of her remaining assets, both in cash and in real estate, assets to the value of $742,836, together with accrued interest, are held by Mrs Toksoz on trust for the bank," the judge ruled.
Regarding how the fraudster managed to pass the bank's identity verification process successfully, Justice Palmer said that it "remains a matter of speculation."
Although he added that "It is highly probable that an employee of the bank was an accomplice in the frauds and supplied the information."